Business
Naira Gains Ground in Parallel Market, Depreciates in Official Market
The Nigerian Naira appreciated to N1,550 per dollar in the parallel market on Monday, strengthening from N1,555 per dollar recorded over the weekend. This marks a positive shift for the local currency in the informal trading sector.
Conversely, the Naira experienced a slight depreciation in the official foreign exchange market, slipping to N1,538 per dollar from N1,535 per dollar last Friday, according to data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria (CBN). This reflects a marginal loss of N3.
Despite the contrasting movements, the gap between the parallel market and official exchange rates narrowed significantly. The margin reduced to N12 per dollar compared to N20 per dollar recorded last weekend, signaling a potential alignment in currency rates.
-
Entertainment2 years agoAdanma Luke Appeals for Forgiveness over Junior Pope’s Death: “I’m Gradually Losing My Life, Please Forgive Me”
-
Security News2 years agoRivers: Tension as Gunmen on Speedboat Abduct Fubara, Police Launch Manhunt
-
Security News2 years agoSoldiers in South East Extort, Humiliate Us While Kidnappers Operate Freely Near Checkpoints, Igbo Women’s Group Alleges
-
Politics2 years agoRevealed: Ajuri Ngelale Fired Over Feud with Onanuga, Despite Medical Cover Story
-
General News2 years agoGov. Soludo Seals Peter Obi’s Campaign Office, Edozie Njoku-Led APGA State Office
-
Security News2 years agoEnugwu-Ukwu in Shock: Deadly Ambush Leaves Multiple Dead, Survivors in Fear
-
General News2 years agoVideo: Moment DSS Staff Erupt in Jubilation as News of Bichi’s Sack Announced
-
Breaking News2 years agoJUST IN: Presidential Adviser Ajuri Ngelale Steps Down Temporarily, Cites Reasons